What Does Home Insurance Typically Cover?

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Whether it’s a studio apartment in a bustling city, or a 10-bedroom mansion in the sprawling countryside, your home is your castle, and you should do everything you can to keep it and its contents safe. While many of us find the mere thought of taking out home insurance reason to bury our heads in the sand, you should know that it really isn’t as complicated as it seems. Let us break it down for you…

Home insurance consists of both buildings insurance and contents insurance. The former protects the structure of your home and its fixtures and fittings, while the latter takes care of your personal possessions.

Buildings insurance typically covers the rebuild cost of your home should it be damaged or, heaven forbid, destroyed as a result of criminal activity, accidental means, or an act of God. Whilst not compulsory, most mortgage lenders will almost always insist you take it out. If you own your property outright but you’re unsure as to whether you really need insurance, ask yourself this – what price would you put on the roof over your head?

When it comes to contents insurance, it’s fair to say that all of us underestimate the true value of the items in our homes. Particularly when you take into consideration that “contents” covers everything from electrical items and furniture, to collectables and jewellery. That means if you break your phone, lose your Oakley prescription glasses or the family jewels are stolen in a robbery, you can claim back on your contents insurance.

Bear in mind that when making a claim it will help if you can produce proof of purchase for anything you’re claiming for. This usually means a receipt, so keep hold of them whenever you buy something. It’s also worth checking with your insurer that specific items are covered, particularly if they’re very expensive or rare. You may need to take out additional insurance for things like specialist guitars, coin collections or very expensive jewellery, so it’s always worth making sure and not just assuming they’re covered.

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